LEAWOOD, Kan. -- Euronet Worldwide (Nasdaq:EEFT) announced revenues of $52.7 million for 2000, an increase of 27 percent over 1999 revenues of $41.5 million.
Revenue for the fourth quarter of 2000 was $13.9 million, an increase of 29 percent over fourth quarter 1999 revenues of $10.8 million.
Euronet's ATM network produced a positive EBITDA of $1.5 million for the full year 2000 and a positive EBITDA of $1.3 million for the fourth quarter, a $7 million swing from the 1999 ATM network EBITDA of negative $5.5 million. Overall EBITDA on a consolidated basis was negative $14.2 million for 2000 and negative $2.7 million for the fourth quarter, a $2.4 million improvement over 1999 consolidated EBITDA of negative $16.6 million.
As of Dec. 31, 2000, Euronet owned and/or operated 2,634 ATMs, compared with 2,283 ATMs at the year-end 1999. Euronet owns and/or operates ATMs in Hungary, Poland, Germany, Croatia, the Czech Republic, France, the U.K., Greece and the U.S.
Michael Brown, Euronet's chairman and CEO, said, "Achieving EBITDA positive results for the ATM network for the full year 2000 is a major milestone, confirming the success of our business strategy. Of the $10.4 million in revenue growth we experienced in 2000 for the ATM network, $7 million found its way to our EBITDA line."
Software revenues also grew, from $15 million for 1999 to $15.8 million for 2000. Fourth-quarter 2000 revenues for software were 42 percent higher than the previous year's fourth quarter with Q4 2000 revenues of $3.7 million compared to Q4 1999 revenues of $2.6 million.
Brown said, "We have taken the necessary steps during the past two quarters to bring our costs in line with revenue expectations, and we are confident that the steps we have taken will result in improved EBITDA performance for 2001."
